DUBLIN, October 28, 2021--(BUSINESS WIRE)--The "Global Military Unmanned Aerial Vehicle (UAV) Market to 2031 - Market Size and Drivers, Major Programs, Competitive Landscape and Strategic Insights" report has been added to ResearchAndMarkets.com's offering.
The global military UAV market is valued at US$8.0 billion in 2021. The cumulative market for global military UAV is estimated at US$152.3 billion over the forecast period.
The Asia-Pacific region is projected to garner a share of 38% of the total global military aircraft market during 2021-2031. Countries such as India and China are contributing in significant terms to the growth of the military UAV market in this region. The market is anticipated to be driven by the ongoing global turmoil, internal and external security threats, fleet replacement programs, modernization strategies, and territorial disputes around the world. Apart from emerging economies in the Middle East and South Asian regions which are witnessing increasing defense expenditure due to regional power struggles and territorial disputes, countries in North America and Western Europe are also expected to increase their defense outlays after years of budget cuts and sequestration measures, presenting global military aircraft manufacturers with greater opportunities in the coming decade.
The expenditure on military UAV has been slightly impacted by the COVID-19 pandemic, but is witnessing a strong comeback on both the supply and demand sides. There has also been an increase in the defense budgets of countries such as China, Japan, India, and others, with few program cancellations across the globe.
In terms of segments, the UCAV segment is anticipated to account for the largest share of expenditure globally, followed by the MALE segment. The HALE segment is expected to account for the third largest expenditure over the forecast period, followed by VTOL, TUAV, and MUAV segments respectively.
The market consists of six categories: UCAV, MALE, HALE, VTOL, TUAV and MUAV.
The global military UAV market over the forecast period is expected to be led by Asia-Pacific with a share of 38%, followed by Europe and North America respectively. The Middle East, Africa, and Latin America together are anticipated to account for the remaining market share.
UCAV is expected to be the largest segment of the military UAV market over the forecast period.
In particular, the report provides an in-depth analysis of the following:
Market size and drivers: Detailed analysis during 2021-2031, including highlights of the demand drivers and growth. It also provides a snapshot of the spending and modernization patterns of different regions around the world.
Recent developments and industry challenges: Insights into technological developments and a detailed analysis of the existing military UAV projects being executed and planned worldwide. It also provides trends of the changing industry structure and the challenges faced by industry participants.
Regional highlights: study of the key markets in each region, providing an analysis of the key segments of the market that are expected to be in demand.
Major programs: details of the key programs in each segment, which are expected to be executed during 2021-2031.
Competitive landscape and strategic insights: analysis of the competitive landscape of the global military UAV market. It provides an overview of key players, their strategic initiatives, and financial analysis.
Turkish Aerospace Industries
Hindustan Aeronautics Limited (HAL)
For more information about this report visit https://www.researchandmarkets.com/r/71b32k
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